Agenda - Economic Development Authority - 12/01/2003

Home

The City will provide the Developer with a Certificate of completion indicating that all of the Developer's obligations under this Ageement, except for the Developer's obligations under Article 13, have been satisfied and, except for Arricte 13, this Master A~eement is terminated. Six years after the date the City issues the Certificate of Completion referenced in the preceding sentence, the Developer's obhgations under Article 13 terminate and are of no further force and effect. ARTICLE 15 P-,_EMEDIES 'UPON DEFAULT 15.1 CITY'S tLEMED~S. Except as set forth in this Section 15.1 or in Section 1516, if the Developer fails to perform one or more of its obhgations under th.is Master Ageement or fails to abide by one or more restrictions this Master Ageement imposes on the Developer, the City shall give the Developer Formal Notice of the default and the Developer shall have thirty (30) days to. cure the default. If, however, the Developer undertakes or permits Development in violation of the restrictions set forth in Sections 3.3, 4.1,422 or 4.3 of this Master Development Ageement, the City, shall 'Dye the Developer Formal Notice of the default and the Developer shall have forty-ei~t (48) hours to cure the default. Efthe Developer fa/is to perform one or more of its obligations in Sections 4.12, 7.6, 7.7, 7.12, 7.13, 9.6, 9.7, 12.3, 12.4, 13.1, 13.2, and 15.1 (e), the City shall ~ve the Developer Formal Notice of the default and the Developer shall have five (5) days to cure the default. If the Developer does not cure the default with&n the required per/od or such longer period as may be necessary if the default may not reasonably be cured within such period, provided the Developer pursues the cure with reasonable diligence, then the City may avail itself of any remedy afforded by law and any of the following cumulative, non-exclusive remedies. (a) the City. maY specifically enforce this Master Ageement, including without hmitafion, the use of temporary restraining orders, temporary injunctions and permanent injunctions; (b) (c) the City may suspend any work, improvement or obligation to be performed by the City until the City receives assurances fi.om the Der. eloper, deemed adequate by the City, that the Developer will cure its default and continue its performance under the Master Agreement; . the City may collect on any security provided by the Developer pursuant to Article 12, to the extent necessary to cure the default and, if the secur/ty is a Letter of Credit, the City may draw on the Letter of Credit for any amount up to the full amount of the Letter of Credit. If the City draws on a Letter of Credit, the City must deposit the proceeds of the Letter of Credit in a bank account in the City's name. J2'the City elects to perform (or to engage ti'fi_rd parties to perform) obligations of the Developer pursuant to subsection 15(e) below, the City may withdraw fi.om said account and retain an amount equal to the total amount of the_ costs and expenses which the City incurs in connection with the performance of such obligations. I£ the City elects to perform'obligations of the Developer under this Master A~eement, Developer is entitled to recover from the City any balance of the proceeds of the Letter of Credit remaining after the City has reimbursed 37